When you write about Bitcoin every day as I have since 2016, it is common to have to repeat yourself. That's because there are always new entrants to the Bitcoin world looking to better understand this incredible monetary revolution.
It's hard to say to those people, “I don't want to repeat myself, I said that five years ago.”
So I try to continue to take as educational an approach as possible to help as many people as possible form their own opinions about Bitcoin.
The sense of redundancy that some people may have also comes from the fact that the flaws in the current system have been producing the same disastrous effects over and over for years.
Of course, Bitcoiners had already warned about the flaws in the current system. But no one would listen. It's always when events take place that we start to open our eyes and think and finally see that everything we've been taught for years has been aimed at keeping us in a kind of blissful ignorance.
In the West, this blissful ignorance persists, judging by the behavior of the majority of people in the general public who have been constantly complaining about inflation for the past few months without trying to understand the underlying reasons for it, but above all who is responsible for it. And finally, how to better guard against it in the future.
Nigeria and Lebanon are the two most blatant examples in recent months of why the current system is flawed and not fixable. Other countries are impacted by the same ills around the world (Zimbabwe, Argentina, ...), but it is really in Nigeria and Lebanon that you can best measure what is likely to happen to us in the West in the future.
I told you about Nigeria recently with the government trying to force the people to adopt their CBDC that nobody wants by blocking access to cash.
In the last few hours, we have learned that the Nigerian government is now looking for partners to redesign the technology base behind its eNaira. The goal is to help the Nigerian government to better control this CBDC to better impose it on the people.
Nothing to get excited about and a lot of money is wasted unnecessarily when people have already made their choice with Bitcoin.
Today, I'm going to come back to Lebanon where Lebanese people have been ransacking and burning banks since the beginning of February 2023. These Lebanese protesters simply want to access the fruits of their labor stored in their bank accounts, but the Lebanese government has banned withdrawals for fear of a bank run while the local currency is at its lowest against the US dollar.
In practical terms, it is as if the value of your money is melting away before your eyes, but the authorities are preventing you from taking it out to protect it.
Life savings are being swallowed up and the Lebanese can do nothing about it but protest. They protest but are never heard, which leads to bank ransacking. This situation has been going on for several years since the Lebanese banks imposed restrictions from 2019 on withdrawals in American dollars in Lebanese pounds.
Nothing was ever formalized legally, but only arbitrarily decided. Remember what I keep telling you:
“Your Money, Their Rules” always implies that “Your Money is Their Money.”
The depositors have tried to get their money back through lawsuits, but nothing is happening. Hyperinflation is such that the Lebanese pound has lost 99% of its value since 2019 and the implosion of the country's financial sector. The worst thing here is that the crash of the Lebanese pound continues without the Lebanese central bank being able to do anything about it.
An IMF bailout was very close to being granted in April 2022, but almost a year later, nothing has been finalized as the Lebanese government has proven unable to carry out the reforms required by the IMF.
The Lebanese people are thus taken hostage by corrupt leaders who have ruined their country and are now ruining them personally.
You have understood here that I am going to explain to you that the Lebanese who had chosen Bitcoin in the past have a huge advantage over their fellow citizens. Bitcoin cannot be manipulated by governments. Bitcoin cannot be confiscated or censored by any central bank. Bitcoin is a unit of wealth that gives you power over the fruits of your labor.
You will tell me that the Lebanese only have to switch to Bitcoin en masse today. I would say that due to the limitations imposed by the Lebanese banks, it is practically impossible for them to do so.
This is where the big lesson I put forward in the title of my article comes in. Faced with the flaws of the current system that will sooner or later impact you heavily, you have every interest in saving in Bitcoin before you have a vital need to protect the fruits of your labor.
In practice, that means putting some of the fruits of your labor into the world's most secure decentralized network. Just in case... In case what is happening in many emerging countries around the world ends up catching up with you in the West.
It's also funny to remember that this notion of owning Bitcoin just in case was put forward by Satoshi Nakamoto in the early months of Bitcoin:
“It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy.”
We have to believe that the self-fulfilling prophecy is coming true. There is still time to secure your future, but you need to take action.
Don't take for granted the word of Bitcoiners who tell you that Bitcoin is an incredible monetary revolution, but verify it for yourself by developing the knowledge to build your truth about Bitcoin.
That's what I suggest you do in the book “The Truth About Bitcoin: Everything you need to build your truth about Bitcoin and stop trusting others without verifying.”
The book is available on various platforms:
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In P2P mode in PDF format or EPUB format with payment in BTC: contact me by email at [email protected]
